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COMPLEMENT-IN-CONSUMPTION: One of two goods that are consumed together to provide satisfaction -- that is, the goods are used jointly to satisfy wants and needs. A complement good is one of two alternatives falling within the other prices determinant of demand. The other is a substitute good. An increase in the price of one complement good causes a decrease in demand for the other. A complement good has a negative cross price elasticity. When the terms complements or complement goods are used, they typically means complement-in-consumption (compare this with complement-in-production). Examples of complement goods are golf clubs and golf balls; hamburgers and french fries; and cars and gasoline. In each case, the two goods "go together." People seldom use or consume one without the other.
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CHANGE IN SUPPLY A shift of the supply curve caused by a change in one of the supply determinants. A change in supply is caused by any factor affecting supply EXCEPT price. A related, but distinct, concept is a change in quantity supplied.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either several magazines on home repairs or a remote controlled sports car with an air spoiler. Be on the lookout for telephone calls from former employers.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"Every generation of Americans needs to know that freedom exists not in doing what we like, but in having the right to do what we ought. " -- Pope John Paul II
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ADV FRT
Advance Freight
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